According to estimates by the International Energy Agency (IEA), the energy crisis is accelerating the transition to clean energy. This is what the IEA writes in its annual report. Nevertheless, the IEA is assuming global warming of 2.5 degrees by the year 2100 – far from the 1.5 degree target.
According to the International Energy Agency (IEA), the global energy crisis triggered by Russia’s invasion of Ukraine could accelerate the energy transition. In addition to short-term protective measures for consumers against rising prices, the crisis has led to many states now trying to accelerate structural change, as the IEA writes in its annual report presented in Paris on Thursday. If implemented, the plans would mean a 50 percent increase in global clean energy investment by 2030.
The energy markets and energy policy are not only changing in the short term, but for the coming decades, explained IEA Director Fatih Birol. “The responses of governments around the world promise a historic and definitive turning point towards a cleaner, more affordable and secure energy system.”
According to the IEA analysis, a peak or a plateau for the world demand for fossil fuels is in sight for the first time. Under the current political framework, coal use is expected to decline over the next few years, with natural gas demand plateauing by the end of the decade. Increasing sales of electric vehicles will therefore lead to oil demand flattening out in the mid-2030s and then declining slightly until the middle of the century.
According to the analysis, the share of fossil fuels in the global energy mix will fall from 80 percent to 60 percent by 2050. Global CO2 emissions will also decrease accordingly. Despite all this, however, the IEA assumes global warming of 2.5 degrees by the year 2100 – far away from the 1.5 degree target, which is intended to help prevent the serious effects of climate change.
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